Unity Bancorp (UNTY) in Clinton, N.J., has exited the Troubled Asset Relief Program.
Unity disclosed in a regulatory filing Wednesday that it paid the Treasury Department $2.7 million to repurchase a warrant to buy about 765,000 shares of common stock.
The $825 million-asset company issued $20.6 million of preferred stock to the Treasury through the Tarp in December 2008. It paid $25.3 million for the preferred shares, plus accrued dividends, in two separate transactions that took place in May and June.
Following Unity's redemption of its Tarp stock, it had a Tier 1 leverage ratio of 9.59% and total risk-based capital of 12.22%, it said in July. It earned $1.3 million in the second quarter.